Greek billionaire Alki David has withdrawn his interest in buying Coventry after he claimed the Championship club was "falling apart."

Businessman and movie mogul David, who has a reported fortune of £4billion, had emerged as an 11th-hour challenger to Ray Ranson's bid to buy the cash-strapped midlands club, who are around £38million in debt.

But after studying Coventry's finances David opted to withdraw his interest, paving the way for Ranson's Sisu consortium to takeover at the Ricoh Arena.

David said: "After looking through the finances and seeing the numbers, the club is falling apart.

"The debt does not tally. Good luck to whoever takes them on. I am certainly not getting involved.

"I had (Coventry director) Geoffrey Robinson here this afternoon when I was ready to commit.

"He left me a document on the finances of the club. After looking through the finances and seeing the numbers it is no surprise that the club is falling apart.

"It is difficult to see how the expenditure was made the way it was - especially over the last three years."

Despite his scathing assessment of the club, David wished Coventry well for the future and hoped that Ranson's Sisu group were able to complete a deal.

If Sisu are to take over the club they must strike a deal before Thursday's deadline, when Coventry must either prove their solvency or enter administration and incur a 10-point deduction.

"I genuinely hope the other group can push a deal through in time because it is a club with a huge amount of potential," said David.

"But there seems to be a lot of people involved who are emotionally attached and that is not good for business. The communication internally appears pretty awful."

David revealed that another reason he withdrew his interest in Coventry was because he had invested in a rugby club this week.

He added: "Instead I have made an investment in a good rugby club. That is a sport I understand and an announcement about who that club is will be made in the next couple of days."

However, David insisted that was not the end of his interest in football and he vowed to invest in another club in the near future.

"I will be still be investing in a football club. One that is a solid outfit either at the top end of the Championship or in the Premier League," said David, who is already a shareholder at 19-times Greek champions Panathinaikos, and the Nigerian side Leventis United.